The Federal Reserve told a federal judge in Colorado to dismiss a lawsuit by Fourth Corner Credit Union, blocking marijuana businesses in the state from legal banking services. This is just one of the many legal conundrums the budding industry has had to face since state law branched away from federal law on marijuana. The businesses have been
As soon as I was publicly listed as an instructor for a large principles-level economics course for the Spring semester, textbook companies and their sales representatives circled and descended on me like a pack of Mises University students on Walter Block’s trail . I’ve only taught smaller sections so far, so I had encountered textbook reps
Mathematical economics is fraying at both ends. Critics of the over-mathematization of economics keep chipping away at the spurious correlations and the theoretical equations that are either too simple or too complicated. At the other end, notable mainstream economists like Paul Romer see fundamental problems in the way economics is done today.
Auburn University has made headlines at outlets like the Wall Street Journal , USA Today , and, recently, Mises.org for reversing the elimination of the public administration major because of pressure from the athletics department. Athletics covertly moved to save it because a disproportionate number of student-athletes were stacked in the major,
The Fed’s responsibilities keep expanding. A 1977 update to the Federal Reserve Act included the goals of “maximum employment” and “stable prices”. Many economists, even in the mainstream, criticize this dual mandate as a difficult, if not impossible, balance. They point to Short-run Phillips Curves that show a tradeoff between inflation and
Gross Domestic Product has numerous issues, especially as a measure of national-level standard of living. It is supposed to be a measure of total production and therefore the general health of an economy, but it falls short of this in many ways. In the US, the Bureau of Economic Analysis is responsible for estimating GDP, and their preferred
Why Markets Are Pro-Human In an unhampered market economy, entrepreneurs anticipate what we want and need and then use labor to turn land and natural resources into things that are most urgently needed: like houses, schools, hospitals, food, cars, and energy. Consumers respond by either buying or not buying what entrepreneurs have produced. The
Many years ago, I had a lunatic roommate who would remove people’s clothes from the laundry machines midcycle, throw temper tantrums like a child, and set the thermostat to crazy temps, among other things. One workaround that one of my sane roommates and I designed for the thermostat problem was to go out and buy a second thermostat. We connected
In his podcast , Dave Smith has likened the lockdowns to gasoline and the murder of George Floyd to a spark. But why were the lockdowns fuel for social unrest? One of the reasons the lockdowns paved the way for social unrest is that they led to a widespread breakdown in the division of labor. This could only result in more conflict and social
Jordan Klepper: You need to-- you know what you need to do? You need to take some-- some THC or some DMT and let the MMT just wash over you. Let the paradigm shift come to you, Ronny Chieng. Ronny Chieng : Yeah, I think I’m in it right now. Klepper: I think you’re in it. Stephanie Kelton appeared on The Daily Show to promote her documentary,
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
